Old World Charm Duplexes - Hancock Park and Miracle Mile, CA
Buyers are back in the real estate market. Home prices have depreciated in the last five years. Interest rates are at historical lows. The current interest rates are below 04%. Majority of buyers are searching for single family homes, condominiums or townhouses. Another consideration is a duplex. A duplex is a building which houses two separate residences. They are side-by-side or one unit is on the lower level and second unit on the upper level. Side-by-side units tend to be townhouse style. With a first and second level. Lower or top level units tend to be one level each. Each unit tend to have laundry rooms. West Los Angeles and beach cities are not duplex density. These areas do have duplexes in ample numbers but Hancock Park and Miracle Mile have concentrated areas of duplex density. Hancock Park and Miracle Mile are both upscale communities.These area are west and east of Highland Ave and north and south Wilshire Blvd. You may have noticed these areas if every shopped or visited the Modern Art Museum, La Brea Tar Pits, Windsor Village or Wilshire Country Club? Duplexes in: Hancock Park and Miracle Mile are classically designed built in the 1920s to 1930s. They were designed with the intent of resembling two story classical homes. Spacious with square footage ranging from 2,000 to 4,500 square feet. Owner's and tenant's units have the ample square footage of single family homes.
Because of population growth between 1920 and 1940 there was intense building in Los Angeles. A wide range of European revival styles were built in Hancock Park and Miracle Mile. The architectural designs range from: Mediterranean, Country English-style, Italianate, English Tudor, Mediterranean, Spanish Stucco, Spanish and French Normandy. Old world charm with hardwood floors, arched windows and doorways, cove ceiling, intricate borders, vintage tile and molding. Generally, on large lots giving backyards ample to single family homes. Notable designers are Paul Williams, Robert Byrd, Steinkamp, Reginald Johnson, Gordon Kauffman, Wallace Neff and Carleton M. Winslow. Garages can range from 2-4 car garages. Both communities close to mass transits, Santa Monica Freeway, Museum Row, Restaurant Row, Miracle Mile Office Community, The Grove, Beverly Center, chic shops and restaurants. Neighboring communities are Beverly Hills, Century City and Hollywood.
Advantages: Property ownership in established coveted communities in Los Angeles. Owner and tenant units spacious as single family home. Tenant units additional income to off-set housing expenses. Two family members can purchase a duplex together and live in each unit. Additionally, both family members will qualify for the mortgage loan amount. Investors able to purchase two units in one structure. Two unit financing is the same as financing on single family homes. Residential lending is same for 1-4 units considered residential lending. Owner occupied financing rates and terms different from investor financing. Check with lender for rates and terms for owner occupied and investment lending. Additionally, verify with lender if rents from tenant unit included in buyer's loan qualification?When Purchasing Duplex:
- Always have professional inspection after accepted offer.
- Consider age of prospective property. Verify condition of roof, plumbing, electrical, chimney, foundation and etc.
- Request and verify replacement items (roof, plumbing, electrical and etc.)
- Verify updates and renovations (seller should be able to provide receipts).
- Verify if one or both units will be vacant at close of escrow.
- Verify current rents in area
- Request and verify owner's stated tenant rents.
- Verify if tenants are on leases or month-to-month.
- Request and verify rental agreements terms (month-to-month or lease)
- Request and verify owner's housing expenses ( water, utility, gardening and etc.)
- Verify agreements of what are owner's and tenant's financial responsibilities.
- Rental properties in Los Angeles are under rent stabilization ordinance - L.A. Housing (rent control).
Purchasing 2 units is not limited to Hancock Park or Miracle Mile.There are a wider selection in these neighborhoods. West Los Angeles has sections with 2 units. These units tend to be newer construction post WW11 but there are some classical turn of the 20th century units available. There are duplexes scatted throughout the city. Beach cities have ocean side units. Scrolling distance to ocean some units have ocean views. As a rule of thumb in your home search consider 2 units. Decide which home purchase option single family home, condominium, townhouse or duplex is feasible in your real estate purchase decision.
- Hancock Park Real Estate
- Hancock Park Real Estate Duplex Market Statistics (Sales)
- Miracle Mile Real Estate
- Miracle Mile Real Estate Duplex Market Statistics (Sales)
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GAIL MERCEDES COLE